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Forex: EUR/GBP Technical Analysis – Bulls Retest 0.86 Figure

Forex: EUR/GBP Technical Analysis – Bulls Retest 0.86 Figure

Ilya Spivak, Head Strategist, APAC

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EUR/GBP Technical Analysis – Prices are retesting support-turned-resistance at a rising trend line set from November 2012, a barrier reinforced by the 38.2% Fibonacci retracement at 0.8605. A break above that targets the 50% level at 0.8636. Near-term support is at 0.8566, the 23.6% retracement, with a reversal beneath that eyeing a longer-term support line dating back to late July 2012 (now at 0.8527). We continue to hold short.

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dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Bulls Retest 0.86 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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